If you're considering purchasing a home in Indiana, you’re on the fast track to making one of the most exciting and important financial decisions of your life. The problem is that while looking for your dream house can feel just as good as taking the chequered flag at the Indy 500, deciding on a financing package tends to feel more like a false start.
Thankfully, you’re not the first to be frustrated by the home loan process. Many Indiana residents have found themselves in the same position and found there’s an easier way: Indiana FHA loans. Keep reading to learn how you can simplify your home financing experience and save money with an FHA loan in Indiana.
A low cost of living, unemployment rate, and income tax are just a few of the reasons Indiana is a great place to purchase a home. That said, as of April 2019 the total value of FHA loans in Indiana was $249 million, making it one of the most preferred mortgage choices for Indiana homeowners.
While there is a maximum loan limit on Indiana FHA loans, the goal of the program is to ensure that most people can qualify for the loan and purchase a house, regardless of the area they live in. In most of Indiana, the baseline limit of $472,030 applies, but the maximum loan limit varies from location to location. Check the link below to see the full list of Indiana FHA loan limits for 2023 and see how much can be borrowed.
You may be eligible for an FHA loan, if you:
Buyers must be able to provide the following information and documents as requested by lenders:
Note: Facts and figures sourced from the latest statistics available at the time of this writing including data from the United States Department of Labor, United States Census Bureau and the United States Department of Housing and Urban Development.